Management Planning and Strategy Overview
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Questions and Answers

What is the purpose of a tactical plan?

  • To provide a broad directional roadmap for the entire organization
  • To outline objectives and results for the organization
  • To specify actions for implementing strategic plans (correct)
  • To create sustainable competitive advantages for the organizations

Which of these is a benefit of planning?

  • Improved coordination and control within the organization (correct)
  • Increased reliance on intuition and creativity
  • Enhanced resistance to change and adaptation
  • Focuses on achieving individual goals, rather than organizational goals

Which of these strategies is most likely to provide a sustainable competitive advantage?

  • Providing lower-cost products while maintaining the same quality levels
  • Investing heavily in advertising campaigns to increase brand awareness
  • Building partnerships with influential players in the industry
  • Offering a unique and differentiated product, like a patented new technology (correct)

Which of the following is a key element of strategic intent?

<p>Concentrating organizational resources on a unifying and compelling goal (D)</p> Signup and view all the answers

Which of the following is a characteristic of a strategic plan?

<p>Broad and comprehensive, setting long-term direction for the entire organization (D)</p> Signup and view all the answers

Which of these is NOT a step in the planning process?

<p>Eliminating all risks and uncertainties associated with the chosen plan (D)</p> Signup and view all the answers

Which of these is a long-range plan?

<p>A plan to expand operations into a new overseas market within the next 5 years (A)</p> Signup and view all the answers

Which of the following is NOT a typical operating objective?

<p>Employee satisfaction (D)</p> Signup and view all the answers

Which of the following is considered a strength in SWOT analysis?

<p>Superior reputation (D)</p> Signup and view all the answers

What is the primary focus of PEST analysis?

<p>Identifying opportunities and threats in the external environment (C)</p> Signup and view all the answers

What is the difference between corporate strategy and business strategy?

<p>Corporate strategy focuses on long-term direction for the entire organization, while business strategy focuses on how a division or strategic business unit will compete (D)</p> Signup and view all the answers

What does the individualism view of ethics prioritize?

<p>Long-term self-interest (B)</p> Signup and view all the answers

Which of the following statements aligns with the moral-rights view of ethics?

<p>It acknowledges the fundamental rights of every individual. (D)</p> Signup and view all the answers

Cultural universalism suggests that behavior unacceptable in one’s home environment should:

<p>Remain unacceptable everywhere else (B)</p> Signup and view all the answers

Which of the following is NOT a component of respecting core or universal values in international business?

<p>Prioritizing profit over people (B)</p> Signup and view all the answers

What is the primary focus of ethical dilemmas in the workplace?

<p>Situations where personal interests conflict with ethical standards (B)</p> Signup and view all the answers

Which of the following is NOT part of the checklist for dealing with ethical dilemmas?

<p>Consider the financial impact (C)</p> Signup and view all the answers

In ethical decision-making, what is the purpose of 'spotlight' questions?

<p>To reflect on the impact of decisions on personal and public perception (B)</p> Signup and view all the answers

Which of the following issues might be considered an ethical dilemma?

<p>Discrimination (D)</p> Signup and view all the answers

What is a common rationale people use to justify unethical behavior?

<p>Nobody will find out (C)</p> Signup and view all the answers

What is the primary purpose of whistleblowers?

<p>To expose unethical behaviors (B)</p> Signup and view all the answers

Which of the following is NOT typically covered by an organization's code of ethics?

<p>Employee travel allowances (B)</p> Signup and view all the answers

How can top managers influence ethical behavior in an organization?

<p>By serving as ethical role models (C)</p> Signup and view all the answers

What characterizes social entrepreneurship?

<p>Solving social problems innovatively (B)</p> Signup and view all the answers

Which perspective emphasizes that management's only obligation is to maximize profits?

<p>Classical view (C)</p> Signup and view all the answers

What is the purpose of a social responsibility audit?

<p>To assess an organization's CSR accomplishments (C)</p> Signup and view all the answers

Which of the following best describes stakeholders in an organization?

<p>Persons or groups affected by the organization's behavior (D)</p> Signup and view all the answers

Which type of strategy is focused on solving problems and overcoming weaknesses that negatively affect performance?

<p>Renewal strategy (C)</p> Signup and view all the answers

What is the primary focus of feedforward controls in the control process?

<p>Preventing problems before they occur (D)</p> Signup and view all the answers

Which type of control involves monitoring employees' work to ensure it aligns with set performance standards?

<p>Concurrent controls (C)</p> Signup and view all the answers

What does related diversification involve?

<p>Diversifying within the same industry or field (A)</p> Signup and view all the answers

What is one of Douglas McGregor's Hot Stove Rules of Discipline?

<p>Discipline immediately (A)</p> Signup and view all the answers

What constitutes ethical behavior according to the content provided?

<p>Being accepted as good and right as per the governing moral code (D)</p> Signup and view all the answers

Which of the following strategies would be considered a concentration strategy?

<p>Focusing exclusively on current products (B)</p> Signup and view all the answers

Which of the following is an example of feedback control?

<p>Counting monthly sales and assessing customer satisfaction (D)</p> Signup and view all the answers

What is a significant characteristic of internal control within an organization?

<p>It relies on employees' self-discipline (A)</p> Signup and view all the answers

Which external control measure ties employee pay to individual or company performance?

<p>Profit-sharing (A)</p> Signup and view all the answers

According to ERG theory, what happens when a higher-level need is frustrated?

<p>The individual will become more motivated to fulfill their lower-level needs. (C)</p> Signup and view all the answers

What is the main difference between the ERG theory and Maslow's Hierarchy of Needs?

<p>ERG theory emphasizes that needs can be satisfied simultaneously, while Maslow's theory suggests a hierarchical order. (D)</p> Signup and view all the answers

Which of the following is NOT a factor that contributes to job dissatisfaction according to Herzberg's Two-Factor Theory?

<p>Challenging and interesting work (C)</p> Signup and view all the answers

What is the key characteristic of individuals with a high need for achievement?

<p>They are motivated by the desire to accomplish challenging tasks successfully and efficiently. (A)</p> Signup and view all the answers

Which of the following is a characteristic of individuals with a high need for affiliation?

<p>They are highly motivated by social approval and harmonious relationships. (D)</p> Signup and view all the answers

Flashcards

Planning

A process of outlining goals and identifying the most effective ways to achieve them.

Objectives

Specific results or outcomes that one intends to achieve.

Plan

A written outline of the steps needed to reach objectives, outlining actions to be taken.

Competitive Advantage

A feature or set of features that allows an organization to outperform its rivals, giving it a competitive edge.

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Sustainable Competitive Advantage

A type of competitive advantage that's difficult for competitors to copy, creating a lasting edge.

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Strategy

A comprehensive plan that charts an organization's long-term course, guiding resource allocation to achieve goals with a sustainable advantage.

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Strategic Intent

A central, motivating goal that focuses all an organization's energy, driving all actions towards its achievement.

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Strategic Plans

Plans that set broad, comprehensive, and long-term action directions for the entire organization.

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What is a Mission Statement?

The fundamental reason why an organization exists. It acts as a guiding principle for all the decisions the organization makes.

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What is a SWOT Analysis?

The analysis of internal and external factors that affect an organization's ability to succeed. It helps identify strengths, weaknesses, opportunities, and threats.

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What is a PEST Analysis?

The process of evaluating the political, economic, social, and technological forces that impact an organization's environment. This helps companies understand external factors affecting them.

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What are Operating Objectives?

They are specific, measurable, achievable, relevant, and time-bound goals that guide an organization's operations. They focus on key performance results.

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What is Organizational Culture?

A set of values, beliefs, and assumptions that defines the way an organization operates and interacts with its stakeholders. It shapes employee behavior and the company's culture.

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Individualism view of ethics

Individuals prioritize their long-term self-interest above all else.

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Moral-Rights view of ethics

This view emphasizes protecting fundamental rights for all individuals, ensuring fairness and justice.

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Justice view of ethics

This ethical perspective stresses the importance of equitable treatment based on legal rules and standards.

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Cultural Relativism

This ethical perspective suggests that ethical behavior varies across cultures, and what is considered ethical in one culture may not be in another.

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Cultural Universalism

This ethical perspective holds that certain behaviors are universally unacceptable, regardless of cultural context. It argues that what is wrong in one culture is wrong everywhere.

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Ethical Dilemma

A situation where individuals face a challenge between doing what they believe is right and potentially benefiting personally or professionally.

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Recognizing an ethical dilemma

This process explores the possibility of an action being unethical, even if it could lead to potential benefit for the individual and/or the organization.

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Getting the facts

This involves thoroughly investigating and understanding all relevant facts regarding the ethical dilemma before making a decision.

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Growth Strategy

A strategic approach where a company seeks to increase its size and expand its current operations.

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Stability Strategy

A strategy that maintains current operations without significant changes. The focus is on stability and maintaining the status quo.

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Renewal Strategy

A strategy designed to address problems and overcome weaknesses that are hindering performance. The goal is to revitalize the organization.

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Combination Strategy

This strategy combines elements of growth, stability, and retrenchment. Different parts of the company may pursue different strategies simultaneously.

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Concentration Strategy

Focuses on expanding within the same industry or product line. Involves deepening market penetration or expanding product offerings.

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Diversification Strategy

A type of growth strategy where a company expands into different industries. The goal is to achieve synergies and create new growth opportunities.

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Related Diversification

A strategy that focuses on acquiring or merging with companies in related industries. The aim is leveraging existing expertise and resources.

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Unrelated Diversification

A strategy that involves acquiring or merging with companies in unrelated industries. The goal is to reduce risk and create new revenue streams.

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Vertical Diversification

A strategy that involves acquiring or merging with companies in the same value chain, either upstream (closer to raw materials) or downstream (closer to the final customer).

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Controlling

Measuring performance and taking corrective action to ensure that standards and objectives are met.

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Rationalizing Unethical Behavior

Convincing yourself that unethical behavior is acceptable by justifying it as legal, beneficial to everyone, undetectable, or protected by the organization.

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Whistleblowers

Individuals who expose illegal or harmful activities within an organization to protect ethical standards and prevent harm.

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Code of Ethics

A formal document outlining an organization's values and principles for ethical conduct, addressing situations prone to ethical dilemmas.

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Ethical Role Models

Top managers act as examples of ethical behavior, influencing the ethical conduct of those working for and with them.

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Social Entrepreneurship

A form of entrepreneurship focused on finding innovative solutions to social problems both locally and globally.

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Corporate Social Responsibility (CSR)

A concept that obligates organizations to consider the interests of society alongside their own profits.

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Organizational Stakeholders

Individuals, groups, or organizations directly impacted by an organization's actions and having a stake in its performance.

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Perspectives on Social Responsibility

The belief that management's sole responsibility is to maximize profits, while the socioeconomic view emphasizes the importance of considering the broader social welfare.

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Need for Achievement

The desire to do something better or more efficiently, solve problems, or master complex tasks. Individuals high in this need prefer work with individual responsibility, achievable yet challenging goals, and feedback on their performance.

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Need for Power

The desire to control others, influence them, or be responsible for them. This can manifest as personal power (over oneself) or social power (over others). Individuals high in this need gravitate towards work that involves control, impact on people and events, and public recognition.

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Need for Affiliation

The desire to establish and maintain friendly and warm relationships with others. Individuals high in this need prefer work where they can build interpersonal relationships, feel a sense of belonging, and receive social approval.

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Hygiene Factors

Elements of the job context that can lead to dissatisfaction, but don't motivate. They include factors like working conditions, interpersonal relationships, and salary.

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Satisfier Factors

Elements of the job content that can lead to satisfaction and motivation. These include factors like a sense of achievement, recognition, responsibility, and opportunities for growth.

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Study Notes

Planning and Controlling

  • Planning is the process of setting objectives and determining how to best achieve them. Objectives are specific results or desired outcomes.
  • A plan is a statement of action steps to accomplish the objectives.
  • Steps in the planning process include defining objectives, determining current standing, developing premises, analyzing alternatives, implementing the plan, and evaluating results.
  • Benefits of planning include improved focus, flexibility, action orientation, coordination, control, and time management.
  • Types of plans include short-range (1 year or less), intermediate-range (1-2 years), and long-range (3 years or more).
  • Higher management levels focus on longer time horizons.

Strategic Management

  • Basic Concepts of Strategy: Competitive advantage is having an attribute (or set of attributes) that lets an organization outperform its rivals. This can be related to costs, quality, knowledge, speed, or barriers to entering a market. Sustainable competitive advantage is hard for competitors to copy.
  • Strategy Definition: A comprehensive action plan that guides an organization towards its long-term goals with sustainable competitive advantages. Strategic intent focuses organizational energy on achieving a compelling goal.
  • Essentials of Strategic Analysis: Corporate strategy sets the long-term direction for the entire enterprise. Business strategies define how each division or unit will compete in its specific product or service area. Functional strategies guide internal activities in specific operational areas (like finance).

Analysis of Mission and Objectives

  • Analysis of mission is exploring the organization's reason for existence.
  • Objectives guide the organization's activities towards key performance results (e.g., profitability, financial health, customer service, product quality).
  • SWOT analysis (strengths, weaknesses, opportunities, threats) helps identify internal and external factors to inform strategies.

PEST Analysis

  • PEST analysis considers political, economic, social-cultural, and technological factors impacting an organization

Planning and Controlling Process

  • Controlling is the process of making sure organizational standards and objectives are met.
  • Steps in control include setting performance objectives and standards, measuring actual performance, comparing performance to standards, and taking corrective action as needed.
  • Feedforward controls anticipate problems, concurrent controls monitor ongoing performance, and feedback controls evaluate past performance.

Ethical Decision Making

  • Codes of ethics provide moral principles for conduct in various situations.
  • Ethical dilemmas are situations with potentially unethical choices, despite possible benefits.
  • Ethical decision-making processes help identify options, evaluate consequences, and choose a course of action.

Social Responsibility

  • Corporate social responsibility (CSR) requires organizations to consider their impact on society.
  • Stakeholder analysis examines all groups or individuals affected by the organization's actions.
  • Perspectives on responsibility include a classical view (profit maximization) and a socioeconomic view (integrating social and environmental considerations).

Motivation

  • Motivation is the force behind an individual's level, direction, and persistence of effort at work.
  • Types of rewards include extrinsic (from others) and intrinsic (internal).
  • Theories related to motivation include Maslow's hierarchy of needs (physiological, safety, social, esteem, self-actualization), ERG theory, and McClelland's acquired needs (achievement, power, affiliation).
  • Herzberg's two-factor theory distinguishes hygiene factors (job context) and satisfier factors (job content).

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Description

Explore the key principles of planning and strategic management in this quiz. Understand the essential steps in the planning process, the benefits of effective planning, and the concepts surrounding competitive advantage. Prepare to enhance your knowledge on how organizations achieve their objectives through strategic approaches.

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